Getting rid of EUR balances in IB account

T

tyrant

Hi,

I have lost some EUR trading the DAX. I have decided not to trade DAX anymore but the -ve EUR balances incur some interest charges every month. I am using Interactive brokers. How do I get rid of the -ve EUR balances permanently from my account? I have tried using IDEAL to buy enough to offset the -ve balance BUT it is never exact and also it results in a EUR holding in my portfolio. I want to just get rid of the -ve EUR balance from my account. How to do it?
 
I tried the same thing, without success. Moreover, IDEAL allows only entire Euros to be traded, so you can never get rid of the Cents, apparently.
 
1.) go to the account windows
select currencies
there is a option "close all nonbase curr"
with this you change all other curr than your base (USD?)

2.)
for some reason on the FX portfolio you will see still EUR, but that is not a real position.
you can selete this position:
(i dont have a pso there, so i try to explain, what i remember..)
righclick on the EUR position, then there will be some option where you can change the "value" of that position, you can put in "0"
THIS has no impact on any real position

cant remember exactly the procedure, sory
 
IB is cleaning up balances automatically every month when you have something like below 2USD equivalent in non-base ccy...
 
Quote from moarla:

1.) go to the account windows
select currencies
there is a option "close all nonbase curr"
with this you change all other curr than your base (USD?)

2.)
for some reason on the FX portfolio you will see still EUR, but that is not a real position.
you can selete this position:
(i dont have a pso there, so i try to explain, what i remember..)
righclick on the EUR position, then there will be some option where you can change the "value" of that position, you can put in "0"
THIS has no impact on any real position

cant remember exactly the procedure, sory
More...

I have tried to "close all non base curr" before and yes, it still results in a position in portfolio. I am not sure if your next suggestion to change "value" to zero is the correct one. Why so complicated? Isn't there an option to just convert the exact -ve balance into base currency at the prevailing market rate and that's it? I want EXACT zero balance, not even some cents left. Yep, apparently, it is not doable. Anybody can help?
 
go to account
FX portfolio
rightclick on the position you have to set to 0
"adjust position and cost" (or something like that)
and than set the values at zero
 
As dhpar says, IB will automatically clear small balances. They just converted 0.98 Euro in my account this past week. So buy/sell enough USD to get as close to 0.00 Euros as you can and eventually it will be taken care of without any other action on your part.
 
i can understand your frustration as i had gone through the same problem.

it was really blood vomiting trying to convert currency to base currency.

hope u got it fixed.
 
Quote from moarla:

2.)
for some reason on the FX portfolio you will see still EUR, but that is not a real position.
More...
That's probably because you can do several things to in/decrease your EUR position (example for increase):

buy eur/usd through IDEAL Pro
buy eur/usd through IDEAL
sell usd/eur through IDEAL

For some reason, in IDEAL you have 2 pairs, in IDEAL Pro only 1.
 
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